2024 Accounting & Audit Update

During our annual Accounting & Audit Update, professionals in our audit and assurance practice covered a wide range of topics to help plan for the year ahead, including:

• Pertinent economic and market updates
• Recent updates from the Professional Ethics Executive Committee (PEEC)
• Key accounting application issues related to the Current Expected Credit Loss (CECL) model
• The primary components and uses of the financial reporting framework for small- and medium-sized businesses (FRF for SMEs)
• Details on how to apply Accounting Standards Updates (ASUs) effective for Dec. 31, 2024 calendar year-end financial statements
• Guidance for the ongoing impacts of lease accounting under Topic 842